With more discussion about the European and bank situation this weekend, CCI felt the financial stocks might be really pressured today. Hence we tried "playing" the double short financial (SKF) today (wait...I mean employing sophisticated, short term, leveraged, hedging tactics). This double short had nearly a 6 % trading range today.....what new!
Took a position after the morning gap somewhat backfilled, and then saw it go down, up, down, up, down, etc. After awhile, got stopped-out at break-even, before the market rebounded aggressively at the close.
In summary, had some protection if the market had tanked today, and was very fortunate to get out even.
10-0-5 for the year on the double shorts.
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